. ainment ert nt My E Entertainment. Annual Report 2011

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1 My Entertainment. Annual Report 2011

2 Mission We provide customers with exciting products that feature timeless beauty, exclusive individuality, innovative technology and ease of use. Vision Sophisticated customers in Europe and in selected global metropolises see Loewe as the leading premium brand in home entertainment systems. About Loewe Award-winning design, innovative technology and superior quality are features of all products sold under the Loewe premium brand. Technology highlights include: home entertainment systems with high-definition picture quality, an integrated hard disk recorder and a perfect connection between Internet and television. In 2011, sales for the the publicly traded company founded in 1923 in Berlin totaled million. Loewe manufactures and distributes televisions, Blu-ray players, DVD recorders, Audiodesign products and multiroom solutions. The Company has around 1,000 employees and, on an international level, is represented in 50 countries. Key Figures (IFRS) The Loewe Group in Numbers * EUR million Sales EBIT Net income / loss Earnings per share (EUR) Dividends per share (EUR) 0.00** Non-current assets Equity (excl. minority interest) Net bank deposits Factoring Capital expenditure Depreciation and amortization Free cash flow Development costs Interest expense, net Number of employees 1,022 1,062 1,042 1, ** Continuing and discontinued segments ** Proposal to the Annual Shareholders Meeting on May 15, 2012

3 Contents The Loewe Premium Strategy 4 Letter to Shareholders 15 Report of the Supervisory Board of Loewe AG 16 Our Company / Our Responsibility 25 Loewe in the Capital Market 26 Corporate Governance 32 Corporate Social Responsibility 38 Management Report 45 Business Environment 46 Key Performance Indicators of the Loewe Group and of Loewe AG 50 Financial Performance 51 Report on Assets and Financial Position 55 Fast Forward Future Strategy Program 62 Overall Statement on Financial Position and Financial Performance 63 Marketing and Sales 64 Development and Production 65 Further Disclosures Pursuant to HGB 68 Control and Risk Management Process with Regard to Accounting 69 Opportunities and Risks of Future Development 70 Outlook 76 Consolidated Financial Statements, Notes 83 Consolidated Income Statement 84 Consolidated Balance Sheet 85 Consolidated Cash Flow Statement 86 Consolidated Statement of Changes in Equity 87 Notes to the Consolidated Financial Statements 88 Corporate Bodies and Offices Held 135 Responsibility Statement 140 Independent Auditor s Report 141 Service 147 Glossary 148 Financial Calendar 149 Publications 150 Contacts / Production Credits 151

4 My Entertainment The Loewe Premium Strategy The strategic goal for the Loewe Group is to become the most significant international premium brand in home entertainment systems. We inspire our customers with products that are characterized by timeless elegance, the most advanced technology, and intuitive use. The Loewe premium brand is based on minimalist design, meaningful innovation and exclusive individuality. Loewe creates a fascinating world of brand experience that finds its source in attractive and individual products while including essential attributes of brand communication particularly at the point of sale through our unique shop systems. Our customers should be able to experience the brand clearly and authentically in all areas. At first glance, 2011 was not a good year for Loewe. Compared to fiscal year 2010, our sales volume declined further to EUR million and EBIT worsened from a loss of EUR 5.3 million in 2010 to a loss of EUR 10.5 million in In many companies, such figures would lead to an abandonment of the strategic path they had taken. After a detailed analysis, we at Loewe see this in a different way. We are convinced that the turnaround can only succeed on a sustained basis if we systematically pursue and continue to develop our premium strategy. We will respond to the new market challenges and we have already done this by initiating and implementing the Fast Forward future strategy program. We will continue on this path even more systematically in the current year. Consistent with our brand value of Intelligent Innovation, we will find new approaches and develop unique selling points that are the prerequisite for the success of the Company and Loewe as a brand. Furthermore, value-based management is an ongoing responsibility for Loewe. Its goal is to find the right balance between the interests of shareholders, employees, customers and the public. Only on this basis is the sustained, long-term growth of the Company s value possible (see also Corporate Social Responsibility p. 38). 4 Loewe AG Annual Report 2011

5 The Loewe Premium Strategy 5

6 The premium strategy is still the foundation As part of Fast Forward, Loewe has also scrutinized and further developed its strategic direction. The premium strategy will continue to be the main pillar of Loewe s future direction. We are convinced that Loewe will regain its old strength if the customers perceive our premium brand as unique and true to its image wherever they come into contact with it. For that reason, Loewe will continue to fine-tune its basic strategic direction and improve the systematic implementation in the international markets in particular. Market share development (value) in % Premium brands and market leaders continue to enjoy preferences High-quality Top-class products Mid-range Entry segment Strategic expansion of the product line In Europe, Loewe is the leading premium brand in home entertainment. In the core LCD TV segment of home entertainment, Loewe achieved a retail market share of 29.3 % throughout Europe in the premium price category of EUR 2,000 and above in However, when combined with the disappointing sales in 2011, this pleasing figure shows that Loewe must also offer highly attractive sets in the price categories below EUR 2,000 in order to get itself back on track for growth. The Company will implement this in two steps in the core TV segment. One of these will be the launch of the uniquely individualizable TV line Connect ID and the other step will be the expansion of the Xelos family to include large screen diagonals. In their price class, both product lines will make it easier to enter the premium world of Loewe. To make itself competitive in this segment in particular and in small-screen 22 and 26 inch sets, Loewe has redefined its cooperation with ODM manufacturers, which has proved itself over the years on the periphery of the product line. In the future, we will cooperate with a well-known partner who will produce the sets according to Loewe designs and specifications in the utmost quality. 6 Loewe AG Annual Report 2011

7 The Loewe Premium Strategy 7

8 Market share development Sales revenues LCD-TV as of EUR 2,000 in total market Europe 50 % 40 % 30 % 20 % 10 % 0 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Based on turnover total market in % Furthermore, Loewe has already launched a completely new category of highly attractive Audiodesign products with success. For instance, the Loewe AirSpeaker, which was developed for the Apple world, transmits music wirelessly from any device with Apple AirPlay technology (iphone, ipod, ipad, computer with itunes software). The Loewe AirSpeaker features the best sound quality of its class with a nearly unlimited variety of colors and materials. The highlight of this new Loewe line is the top quality audio system SoundVision, which opens up all possibilities for a sophisticated audio experience. And the Loewe brand world starts with prices as low as EUR 499 for the highly versatile audio system Loewe SoundBox. By exceeding expectations, sales to end consumers confirm this strategic product line enhancement. More Audiodesign products will be launched in A clear commitment to Kronach as a location The strategic expansion of the product line changes nothing in our commitment to the Kronach site. As a manufacturer of individual, high-quality, customer-specific solutions in the home entertainment sector, we will continue to produce our core Loewe product line in Kronach. What is vital to all of Loewe s cooperative efforts is to compensate the relative cost disadvantage caused by the smaller number of units in partnership-based cooperation compared to the competition without affecting Loewe s clearly differentiated premium positioning. Loewe s answer is to have its development location in the heart of Europe and the many years of experience in the fragmented European TV market derived from this. This makes the Company of interest to possible cooperation partners. Loewe intends to use strategic cooperation to secure even faster access to new technologies. This is in particular of great significance for our product lines Individual and Reference that define our brand. Loewe will continue to offer its customers the best technology and solutions that are tailored to their needs, and it will do this even faster than in the past. 8 Loewe AG Annual Report 2011

9 The Loewe Premium Strategy 9

10 Systematic further development of the sales strategy The increase in the number of units sold in the core TV segment is vital for the strategic further development of the Company. Loewe has set ambitious goals for this for the future. Our first step is the already mentioned market launch of the Connect ID which will inspire enthusiasm in the existing target groups of EUR 1,500 and above and capture new target groups. In order to reach these target groups, we will rely on the qualified retailers in the future as well. Loewe has a strong footing in this area in the countries of Europe with German-speaking majorities (DACH region) and in the Benelux countries. However, there are also numerous markets with other structures in which qualified retailers play almost no role anymore. In this area as well Loewe must reach its target groups. For that reason, the Company will develop and implement individual distribution concepts for each market as part of the restructuring of the marketing strategy because Loewe must grow internationally. Due to the difficult general economic situation in the Southern European markets such as Spain and Italy, Loewe will increasingly examine and develop markets with a high future potential. Furthermore, the Company will dedicate considerable time and energy to the global growth markets. In many international markets but also to a lesser degree in Germany, the percentage of warehouse stores and online retailing in the total sales of consumer electronics has developed positively in recent years. Loewe already took its first successful steps in online retailing in 2011 with a retail partner in the United Kingdom. With respect to all markets, it will be necessary in the future to find the right mix of qualified retailers, warehouse stores, online retailing, and possibly company-owned shops for the individual geographic market. In markets such as Germany and Austria, where Loewe has maintained a close and trusting cooperative relationship with qualified retailers for decades, Loewe will of course integrate its existing retail partners in new distribution concepts. In the future, one thing will apply to all Loewe markets across the board: we must present the Loewe premium products to our target groups where they look for them. Individuality as a competitive advantage With all product innovations, Loewe will further develop the megatrend of the future: individuality. We recognized this as early as 2005 and have had a decisive influence on it. Similar to the case of the Audiodesign products and the TV line Individual, the individual user of the Connect ID will decide what his or her Connect will look like, because ID stands for individual design. To that end, the user will select a personal housing color from a broad range of colors and configure his or her preferred placement solution. This is an offer that is made by no other competitor in this price category. We will systematically expand this competitive advantage in the future as the Connect ID will demonstrate. Smart TV as a competitive advantage With the Connect, we already demonstrated in 2008 that Loewe is the pioneer with regard to networking in the home entertainment sector. We will again expand this leading position and in the future offer simple to use, highly individualizable, network-based home entertainment solutions that make it extremely easy to open up multimedia content whether from the Internet, the home server or from the cloud. In the future, Loewe will be the group-independent provider of solutions for structuring and conveniently using all of the customer s audio, video and photo files. The best thing about this is that existing Loewe home entertainment components can be easily integrated 10 Loewe AG Annual Report 2011

11 The Loewe Premium Strategy 11

12 into this network. Furthermore, Loewe will live up to its claim of being the leader in product design and user-friendliness in the future as well. The Company will offer fascinating new products in this area in late 2012 and early Loewe will also keep up with the trend toward large-screen sets and reasonably expand its product line in this area. Become the leading home entertainment provider with meaningful innovations In 2011, Loewe created the optimal conditions for a successful year 2012 by completely revising the television product portfolio and expanding the product line to include the Audiodesign products. In January 2012, the Company launched the Loewe Assist Media app for the Apple ipad onto the market. This app enables the user to comfortably search for the desired program in the clearly arranged electronic program guide (EPG) and switch over to it at the touch of a finger. And this is only one of innumerable functions of the currently most complete control app in entertainment electronics. The Loewe Assist Media app is the first step in offering the Loewe customer an even greater user experience. Besides being perfect home entertainment, this also makes the Loewe product world smart entertainment. During the International Consumer Electronics Fair (IFA) 2012, the Company will also introduce a completely new user experience for the entire home entertainment product line. Loewe will put forward additional innovations in the new product Audiodesign. The integration into the customer s home network and the connection to the Internet will become increasingly important. Significantly broader target groups for the Loewe premium world The Company has made it a goal to attract new customer groups to the fascinating premium brand Loewe. With the Audiodesign products and the Xelos family, we now offer a brand-adequate entry into the Loewe premium world, which aims at a significant expansion of the customer groups. Furthermore, the expansion of the individualization idea to the new Connect ID will open up the individualizable Loewe home entertainment world to a significantly broader target group in the mid-range Loewe price segment starting in The new products will make it possible to introduce this new consumer class to the exciting Loewe premium world. This will strengthen the premium brand! Loewe My Entertainment Loewe will come out of the crisis of the last two years with greater strength and show in the coming years that it is possible as a European manufacturer to set standards in the fields of design, technology, networking and user-friendliness. We are firmly committed to our premium strategy and will implement it even more systematically in the years to come for instance, in the field of social media as well. This is a unique mixture of technology and emotion, with unmistakably individualizable product concepts and system solutions, with innovative applications and possibilities for use, with a clear design language and a home entertainment product portfolio, which the end customer can only obtain with this level of balance and completeness from one manufacturer: Loewe My Entertainment. 12 Loewe AG Annual Report 2011

13 The Loewe Premium Strategy 13

14 Oliver Seidl Chairman of the Executive Board Dr. Detlef Teichner Chief Technology Officer (CTO)

15 The Loewe Group generated positive EBIT of EUR 1.2 million in the fourth quarter of Our top-quality home entertainment systems as well as our new appealing Audiodesign solutions made a positive contribution to earnings. Nonetheless, Loewe failed to meet its highly ambitious revenue and income targets due to an environment of intense price competition and the significantly increased buying restraint of customers for consumer electronics products, particularly in the first six months of As a result of these strains, sales of the Loewe Group at EUR million in fiscal 2011 were 11 % lower than the 2010 figure of EUR million. The reduced sales and production volume led to an EBIT loss for Loewe of EUR 10.5 million for all of 2011 (previous year: EBIT loss of EUR 5.3 million). Despite the loss in earnings, Loewe succeeded in considerably improving liquidity as of December 31, 2011 to just under EUR 27 million. This provides us with a solid financial base which will support our growth targets in the current 2012 fiscal year. The Loewe premium strategy is and will continue to be of fundamental importance for a successful turnaround. We are convinced that our Company will regain its old strength if the customers perceive our premium brand as unique and true to its image wherever they come into contact with it. For that reason, Loewe will continue to fine-tune its basic strategic direction as part of its Fast Forward future strategy program and improve the systematic implementation in the international markets in particular. Furthermore, we will in the future focus even more intensely on user-friendly home entertainment systems and new attractive Audiodesign solutions that meet the high expectations of sophisticated users and can be optimally integrated into individual home interiors. For the medium term, the strategic goal is for Loewe to become the leading international premium brand for individual home entertainment solutions. Especially the convergence of consumer electronics and the IT industry is bringing momentum to the market. A new world of individualizable networking is currently coming into being. The Internet is transforming the television set into a multifunctional smart TV. For the sophisticated Loewe customer, this trend offers many benefits and increases the attractiveness of our intelligent, top-quality and carefully coordinated systems. We have already begun to restructure our entire product line from this perspective. The result of the product offensive is already visible in our completely new category of highly attractive Loewe Audiodesign products. For instance, the Loewe AirSpeaker, which was developed specifically for the Apple world, plays music wirelessly from any device with Apple AirPlay technology. The Loewe AirSpeaker features the best sound quality of its class with a nearly unlimited variety of colors and materials. In the area of televisions, Loewe will launch the new product line Connect ID in the price segment of EUR 1,500 and above in the second quarter of The Loewe Connect ID offers individual style and technical features that are unrivaled by any other set in this price category. With the new product family, Loewe specifically meets the needs of a significantly broader target group and moreover appeals to a younger customer base which will thus be introduced to the brand at an earlier stage. Connect ID is positioned exactly in this attractive price segment which will grow at an above-average rate in Europe in the current 2012 fiscal year. But how and where will we tap into this significantly broader and younger target group in the future? To that end, we will primarily rely upon our close and trusting cooperation with qualified retailers especially in the countries of Europe with German-speaking majorities (DACH region) and in the Benelux countries. However, there are also numerous markets with other structures in which qualified retailers play almost no role anymore. Lowe must reach its target groups in these markets as well, and for that reason is currently developing individual distribution concepts for each specific market. Due to the difficult economic situation in the Southern European markets such as Spain and Italy, we are examining and currently giving greater attention to the development of markets with a high future potential such as Eastern Europe. Furthermore, we are dedicating considerable time and energy to global growth markets. With regard to Loewe distribution, it is important to find the right mix of qualified retailers, specialist retail stores, online shopping, and, where appropriate, company-owned shops for the particular sales market. In markets such as Germany or Austria, Loewe will of course integrate the existing retail partners into new distribution concepts. However, in all markets, we must in general present the Loewe premium products to our target groups where they look for them. Even if the persistently difficult economic conditions in parts of Europe put a strain on Loewe s export business in particular, the market for consumer electronics in the premium segment offers good opportunities in the medium term. For that reason, Loewe expects growth in sales and a significant improvement in earnings for fiscal year Assuming that the value of the European market for LCD TVs will continue to grow in the years to come and the macroeconomic conditions in Europe will not worsen significantly, growth in sales and a further improvement in earnings can also be expected for Moreover, Loewe s sound capital structure puts the Company in a good position for the future. Sincerely yours, Oliver Seidl Chief Executive Officer of Loewe AG Letter to Shareholders 15

16 Dr. Rainer Hecker Chairman of the Supervisory Board The 2011 fiscal year was once again highly unsatisfactory for the Loewe Group. In the first six months of the year in particular, our Company clearly fell short of its ambitious targets for sales and earnings, largely due to intense price competition and the fact that consumer restraint was significantly stronger than in the prior year in the entertainment electronics sector. In the year 2011 as a whole, the market for LCD TVs declined by 10 % in Europe. Loewe responded early to the changed market and framework conditions. We stepped up our Fast Forward future strategy program with the objective of systematically enhancing Loewe s particular strengths of being able to respond rapidly, flexibly, and with an innovative competitive edge. However, despite our quick response and the first visible successes with positive contributions to earnings in the fourth quarter of 2011, the Company was not able to return to the profit zone in For fiscal year 2011 as a whole, Loewe posted negative EBIT of EUR 10.5 million. As in previous years, the Supervisory Board was vigilant in fiscal 2011 in exercising the responsibilities incumbent upon it in accordance with statutory regulations, the Company s bylaws, and the principles of the German Corporate Governance Code. It regularly advised and supervised the Executive Board in the management of the Company. The Supervisory Board was involved in all decisions of fundamental importance to the Company. The Executive Board informed the Supervisory Board on a regular basis, in good time, and comprehensively in written and oral form on all matters of relevance for its work. Significant subjects of discussion were the development of business, the earnings and financial position, and the human resources situation as well as corporate planning, capital expenditure projects, and risk management. There was no potential for conflicts of interest among members of the Executive Board and Supervisory Board that would have had to have been immediately disclosed to the Supervisory Board and made known to the shareholders. 16 Loewe AG Annual Report 2011

17 The primary themes in the past fiscal year included the Company s strategic realignment, the 2010 financial statements, the general development of business in 2011, and the budget for fiscal year Between board meetings, the chairmen of the Executive Board and Supervisory Board conferred on all issues of importance for the Company. In addition, the corporate planning and significant single events such as the appointment of senior executives were discussed. To increase the efficiency of the Supervisory Board s work and the handling of complex situations, the Supervisory Board is supported in the performance of its responsibilities by three committees: the personnel committee, the audit committee, and the nominating committee. Please refer to pages 135 et seq. of the Notes to the Consolidated Financial Statements for a detailed summary of the composition and competencies of the Supervisory Board, and of the three committees. As in previous years, the Supervisory Board concerned itself with the rules of the German Corporate Governance Code, and on November 25, 2011, issued a new declaration of conformity pursuant to Section 161 of the German Stock Corporation Act. The declaration is on page 1 of the joint Corporate Governance Report. All recommendations of the German Corporate Governance Code issued by the Government Commission and most recently updated on May 26, 2010, will be fully implemented, except for Section (4) sentence 1 of the Code. For consulting and support of the systematic implementation of Fast Forward, a steering committee was formed in 2010 that in 2011 was made up of the Executive Board, the restructuring consultant, and three members of the Supervisory Board. The determination of the content of the restructuring measures and the prompt implementation and monitoring were discussed in a total of five meetings of the steering committee. The Supervisory Board met a total of five times in the period under review. The audit committee met five times and the personnel committee and the nominating committee each met once. The current position and the anticipated business development of the Loewe Group and its subsidiaries were discussed in each meeting of the Supervisory Board. The Supervisory Board always discussed in detail the Executive Board s reports in all meetings and delivered its vote on this basis. All members of the Supervisory Board participated in the Supervisory Board meetings except for the meetings of March 17 and June 20, The Supervisory Board member absent (excused) in the respective meetings was informed separately and promptly. In preparation for the Supervisory Board s financial statements meeting, the audit committee in its meeting of March 10, 2011 reviewed the accounting documents of Loewe AG and the Loewe Group as of December 31, The order of events, essential findings, and the results of the audit were discussed with the auditor. According to the conclusive result of its own review, the audit committee approved the presented accounting documents. In addition, the Executive Board explained the significant changes of the business risks in the current fiscal year. Current changes in risk assessment were presented and discussed in detail. The meeting on March 17, 2011, focused on the presentation, discussion, and review of the financial statements and management report of Loewe AG, the consolidated financial statements, and the combined management report for Loewe AG and the Group for the year ended December 31, The auditors were also present at this meeting to report on the course of the audit and were available to answer additional questions by the Supervisory Board. The Supervisory Board approved the accounting documents referred to and thus adopted the financial statements for the year ended December 31, Furthermore, the Supervisory Board adopted the recommendation for the agenda of the Annual Shareholders Meeting held in Munich on May 26, Report of the Supervisory Board 17

18 Prior to the Annual Shareholders Meeting on the same day, the Supervisory Board meeting on May 26, 2011, focused on day-to-day reporting by the Executive Board as well as the state of risk management in the Loewe Group. On the same date, the risk management system at Loewe and the status of risk assessment was again presented and explained. On reaching retirement age, Dr. Mark Wössner resigned from his position as member of the Loewe Supervisory Board as of the conclusion of the Annual Shareholders Meeting on May 26, The Shareholders Meeting then appointed Dr. Dorothee Ritz, member of the management board of Microsoft Deutschland GmbH, to the Supervisory Board of Loewe AG. In the subsequent constituting meeting of the Supervisory Board, Dr. Rainer Hecker was re-elected Chairman of the Board. The Supervisory Board wishes to express its gratitude to Dr. Mark Wössner for his longstanding and unwavering commitment as well as for his exceptionally successful work. In addition to the status of the internal audit at Loewe, the meeting of the audit committee on September 20, 2011, concentrated on the determination of the planned focuses of the annual audit for In the Supervisory Board meeting that immediately followed the meeting of the audit committee, the main topic was the appointment of Dr. Detlef Teichner as new CTO of Loewe AG. He was appointed to the Executive Board as successor of Gerhard Schaas, who went into retirement at year-end Gerhard Schaas will continue to be available to the Company as a representative in a number of external committees and associations. Additionally, the Supervisory Board of Loewe AG and Executive Board member Manfred L. Fitzgerald mutually agreed to separate with effect as of November 30, The Executive Board of Loewe AG now consists of CEO Oliver Seidl, who at the same time acts as CFO, and CTO Dr. Detlef Teichner. Since December 1, 2011, top management has been reinforced with the Marketing Director Henrik Rutenbeck and Sales Director Gerd Weiner. Their appointment ensures direct responsibility and short lines of communication in top management. The Supervisory Board anticipates that the streamlined management structure will accelerate decision-making processes, promote the systematic expansion of premium segment marketing in Germany and abroad, and speed up the implementation and launch of innovative new products. The Supervisory Board Meeting of December 8, 2011 focused on the current reporting and detailed discussion and adoption of the budget for The financial statements of Loewe AG, the consolidated financial statements, and the combined management report for Loewe AG and the Group were prepared in accordance with Section 315a of the German Commercial Code (HGB) based on the International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) or in accordance with the provisions of the German Commercial Code and Stock Corporation Act. The auditor appointed by the Shareholders Meeting on May 26, 2011, has reviewed these documents. The auditor issued an unqualified audit opinion on the annual financial statements of Loewe AG and the consolidated financial statements and the combined management report for Loewe AG and the Group. The auditor conducted the audit in accordance with Section 317(4) of the German Commercial Code and determined that the Executive Board has established a monitoring system that fulfills legal requirements for the early recognition of risks that could threaten the existence of the Company and that the Executive Board has taken adequate measures to recognize developments early on and ward off risks. 18 Loewe AG Annual Report 2011

19 The auditor issued to the Supervisory Board the independence declaration required under the Corporate Governance Code and disclosed to the Supervisory Board the audit and consulting fees charged in the respective fiscal year. In its meeting of March 8, 2012, the audit committee of the Supervisory Board analyzed and reviewed the accounting documents of Loewe AG and the Loewe Group as of December 31, At the same time, the order of events, essential findings, and the results of the audit were also discussed with the auditor. The audit committee approved the accounting documents presented based on the conclusive results of its own review. In addition to questions concerning the audit, the audit committee also discussed matters relating to the internal control system and internal auditing. The financial statements of Loewe AG for the year ended December 31, 2011, the consolidated financial statements for the year ended December 31, 2011, and the combined management report of Loewe AG and the Group for fiscal year 2011 as well as the reports of the auditor were presented to all members of the Supervisory Board in due time. During the financial statements meeting of March 15, 2012, the financial statements were discussed in detail following a report by the Executive Board and the auditor. The auditor also reported the most important results of the audit. The Audit Committee chairman gave information concerning the committee s activities and the results of its review. No objections were raised upon conclusion of the review. Accordingly, the Supervisory Board approved of the results of the audit in its meeting on March 8, The Supervisory Board approved the combined management report prepared by the Executive Board and the financial statements of Loewe AG for the year ended December 31, 2011, which can thus be considered adopted. Furthermore, the Supervisory Board adopted the recommendation for the agenda of the Annual Shareholders Meeting to be held in Munich on May 15, In connection with the proposal for the appointment of the auditor for fiscal 2012, the Supervisory Board relied on the recommendation of the audit committee. The Supervisory Board would like to express its gratitude to the Executive Board, the employees, and the employee representatives for their dedicated commitment in 2011, a fiscal year that was exceptionally difficult and challenging for Loewe. We are convinced that thanks to the successfully initiated restructuring measures, the new organizational structure, and our clear, premium-focused strategy Loewe will regain its past strength. Kronach, March 15, 2012 Dr. Rainer Hecker Chairman of the Supervisory Board Report of the Supervisory Board 19

20 Your Sensitivity. 20 Loewe AG Annual Report 2011

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